MI HB5386

Captive insurance companies must submit audited financial statements prepared by an independent certified public accountant within 5 months after their fiscal year ends under new reporting requirements.

The annual renewal fee deadline changes from March 1 to 90 days after the captive insurance company's fiscal year ends.

The director gains authority to exempt any captive insurance company from chapter provisions on a case-by-case basis, expanded from the previous limitation to only "special purpose" captive insurance companies.

Terminology updates replace "commissioner" with "director" and "office" with "department" throughout the amended sections to reflect current agency structure.

Civil penalties for failing to file required reports or respond to director inquiries range from $1,000 to $5,000 per occurrence, plus $50 per day of continued noncompliance.